paired sales

paired sales

An appraisal technique used to find the value of a particular feature within a property, such as a two-car garage.If the appraiser can find two recently sold houses that are virtually identical except that one has a two-car garage and one does not, these are called paired sales. If the two-car garage is the only significant difference in the two,then the difference in the sale price must be attributable to the garage.In that manner,one may assign a value to a two-car garage.As a result, when employing the comparable sales method of appraising a house, the appraiser may confidently assign values to the various features that differ in the house under consideration from the houses that sold recently.

It is expected that the impact of the mortgage crisis on paired sales with a prior foreclosure will show up only with a delay, as it takes time for homes purchased in a foreclosure sale to be sold or turned over again by investors or homeowners.

Well known to property appraisers are the Paired Sales Analysis used by Jackson (2001), Contingent Valuation Analysis (CVA) used by Carson, (2000); Clinch and Murphy, (2001), Option Pricing Model by Lentz and Tse (1995) and the Hedonic Model developed by Rosen (1974).

Adomatis, SRA, LEED, and Ben Hoen are the winners of the 2016 Armstrong/Kahn Award for their article, "An Analysis of Solar Home Paired Sales across Six States," published in the Winter 2016 issue of The Appraisal Journal.

He made location adjustments based on paired sales analysis, concluding that property located on a busy street would require an adjustment of $40,000 and that locations at the entry to a cul-de-sac versus the center of a cul-de-sac would be adjusted to a lesser extent.

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